The pet food market in India is witnessing significant growth, fueled by an increasing number of pet owners, especially in urban areas, and a heightened focus on pet health. Consumers are gravitating toward premium products, driving demand for a variety of offerings, including dry food, wet food, and treats. This trend is highlighted in Mars International India’s FY 2023-24 financial report.
Ayesha Huda, Chief Marketing Officer at Mars Petcare (which owns Pedigree, Whiskas, Royal Canin, etc in India), notes that India’s pet care industry exhibits unique characteristics compared to global markets with three key trends.
“Seventy percent of pet parents in India are first-time pet parents, which is different from global trends. Secondly, about 69-70% of these pet parents think of their pets as family. It’s not about having a pet for a specific purpose, like guarding, they are truly considered family members. Thirdly, India’s pet care market is growing very rapidly, and we are expecting it to become an $800 million (approx INR 6,640 crore) market by 2028. That rapid growth is also unique to India,” she says.
Mars Pet Care's financials show steady growth
The parent company of Mars Petcare, Mars International India, reported a revenue of INR 2,329.93 crore for the financial year ending March 31, 2024, marking an increase from INR 2,265.98 crore in the previous year. The total income also saw an upward trend, reaching INR 2,339.02 crore in FY24 compared to INR 2,270.53 crore in FY23.
Despite this growth, the company posted a net loss, though significantly reduced from the previous year. The total loss stood at INR 1.79 crore in FY24, a sharp improvement from the INR 38.87 crore loss recorded in FY23.
Huda emphasizes that Mars Petcare takes a long-term view of the business. “We've been in this business for generations, and so for us, we're always looking at this business not from a quarter-to-quarter perspective but from a long-term perspective,” she states. She adds that ingredients and sourcing remain a priority, ensuring high-quality offerings across their brands.
E-com & Q-com driving growth in pet care
The company’s financial report also highlights the rapid growth of e-commerce as a key driver in the pet care market. With more first-time pet parents entering the segment, the demand for accessible and high quality products is rising. Mars Petcare is responding by strategically investing in digitalization, innovation, and brand development to accelerate category growth.
“Since pet parents are still forming habits and experimenting with different channels, shopping at local specialty stores, quick commerce, and marketplaces, all channels are equally important for us,” Huda explains. “All channels are growing right now because the industry itself is growing. We are investing equally across all channels as they are all of equal importance and focus.”
Strengthening brand presence with celebrity partnerships
In line with its expansion strategy, Mars Petcare recently brought actress Sharvari on board as the face of its premium cat food brand, Sheba. The brand’s latest digital campaign, “All They Want Is SHEBA”, aims to showcase the emotional depth of pet parenting and the importance of providing pets with high-quality meals.
Huda believes Sharvari’s persona aligns well with Sheba’s brand values. “Sharvari is a very credible pet parent and an advocate for pet care. That made it a great partnership to bring her on board with Sheba. She’s also a sophisticated, unique, and growing talent in the industry, and as the fastest-growing brand in the industry, it made sense to bring the two together.”
Competition heating up as market expands
As India’s pet care market inches closer to INR 6,640 crore, competition is expected to intensify, with more brands entering the space. However, Mars Petcare remains confident in its strong market position.
“Having been in the business for many years, we are confident in our products. Sheba, for instance, offers the finest ingredients and a gourmet experience, and with our history and knowledge, we will continue to do well with our consumers and pet parents,” Huda states.
With the pet care industry evolving rapidly, Mars Petcare is betting on premiumization, digital expansion, and consumer insights to drive its next phase of growth.
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